Pension drawdown glossary
The HMRC form to reclaim over-paid tax in the same tax year when you have emptied your pension pot, have stopped work and do not expect to go back, and have no other pension or taxable benefits such as Jobseeker's Allowance. Earnings earlier in the tax year, shown on a P45, do not stop you using it.
Source: GOV.UK: claim a tax refund if you have stopped work and flexibly accessed all of your pension (P50Z) · Last reviewed 24 September 2026
See every term in the A–Z glossary. Definitions are general information for the 2026/27 tax year, not personal advice.
Important: The value of investments can fall as well as rise. You may get back less than you invest. Tax rules can change and benefits depend on individual circumstances. This is not financial advice.